Xi Jinping cements China’s Suez Canal foothold as US-Iran conflict deepens
Egyptian President Abdel Fattah el-Sisi and Chinese President Xi Jinping agreed to expand China’s investment in the Suez Canal Economic Zone during Xi’s first visit to Egypt in a decade. The two BRICS members signed an agreement to launch the third phase of the Egyptian-Chinese industrial zone, which already hosts 200 companies and investments worth around $4bn. The talks also covered the six-month US-Iran conflict, with both presidents urging diplomatic solutions to end the war.
Why it matters: This development illustrates the theme of great-power competition, as China deepens its economic foothold in a strategically vital maritime chokepoint while the US-Iran conflict disrupts global trade.